All Forum Posts by: Ben Yan

Ah I see. Thank you, Shawn!

 I've talked to other lenders and some won't do it unless it's two years. :/ Would different credit unions work?

Yep, I've looked into that as well. :/

Hi all, I hope someone can help me since I've been watching Brandon's Webinars on buying multiple properties and I can't find the solution to this problem I've encountered. So currently I have one property (bought in fall 2019) on a conventional loan. Because I have a property under me, my debt-to-income ratio is high (over 40%). Now, as of 2021, the property is being rented out. I thought by getting it rented out, the rent will cover the mortgage and other expenses so that part of the debt will kind of cancel it out when I present it to the lender to get a second loan. But my lender said the rent will have to be seasoned for two years for them to even be considered additional income. My question is, how are people buying one property every year and getting new loans? The property that I own is a Condo and it's not big. I started small just so I can get another property later that's slightly bigger and better, but I can't do that because my debt-to-income ratio is high. I have enough to put 20% down, but because my debt-to-income is too high, I can't get a second loan. I was hoping to get a conventional loan and get the sweet low-interest rates right now and find a better place to live (or to house hack). My credit score is above 740 and I have enough reserves. So everything is fine, just the DTI is high. :( If someone can help explain or provide a workaround solution to this, I highly appreciated it. Thanks for your time!